Preliminary Results Year Ended 31 December 2013

PRELIMINARY RESULTS YEAR ENDED 31 DECEMBER 201314 February 2014

Polokwane smelter control centre

2

CAUTIONARY STATEMENT

Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions.

This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Anglo American. Further, it does not constitute a recommendation by Anglo American or any other party to sell or buy shares in Anglo American or any other securities. All written or oral forward-looking statements attributable to Anglo American or persons acting on their behalf are qualified in their entirety by these cautionary statements.

Forward-Looking Statements

This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Anglo American’s financial position, business and acquisition strategy, plans and objectives of management for future operations (including development plans and objectives relating to Anglo American’s products, production forecasts and reserve and resource positions), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers (the “Takeover Code”), the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SWX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share.

Certain statistical and other information about Anglo American included in this presentation is sourced from publicly available third party sources. As such it presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American.

No Investment Advice

This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002.).

BUSINESS PERFORMANCEMARK CUTIFANI

4

1.41 0.98

0.87 1.11

2.28

4.13

Underlying EPS

HIGHLIGHTSThe benefits of our improvement work are starting to come through…

• Group underlying operating profit of $6.6bn, up 6%

• Underlying earnings down 7% to $2.7bn; EPS $2.09

• Operating profit improvement driven by improving production performance, as FX offsets price weakness

• Increased contribution from Platinum and Diamonds, partially offset by price declines in Coal

• Operational improvement, particularly in Q4, driven through focus on mining processes, costs and margins

• 2013 dividend maintained at 85 US cents per share$ pe

r sha

re

…but we have a lot more to do to realise our full potential.

(1)

(1) Throughout the document FY 2012 restated for adoption of new accounting standards including: IFRIC 20 (stripping costs), IAS 19R (employee benefits) and IFRS 11 (joint arrangements)

3.8 3.3

2.5 3.3

6.3

9.8

20132012201120102009

H1

H2Operating profit

$ bn

20132012201120102009

2.09

(1)

5.06.6

2.14

11.1

5.06H1

H2

5

Safety

Environment

SAFETY, HEALTH & ENVIRONMENTMaking solid progress but more work required on major risks…

Safety• Fatality rates – critical focus on management of

major hazards Lost Time Injury rates continue to improve –

reflects good work on leadership and culture Health work focus on HIV/TB wellness

programme participation and occupational diseases

Environment

• Significant progress on water, energy and greenhouse gas savings: 35 million m3 of water saved; $85m cost saving

3.5 million tonnes of CO2 equivalent emissions saved

4.3 million GJ of energy saved

15

16

17

18

19

20

0

50

100

150

200

250

2009 2010 2011 2012 2013

CO

2-eq

uiva

lent

em

issi

ons

(milli

on

tonn

es)

Tota

l wat

er c

onsu

mpt

ion

(mill

ion

m3)

/ E

nerg

y co

nsum

ptio

n (m

illio

n G

J)

Total water consumed (million m3) Energy consumption CO2-equivalent emissions

The increase in water figures is largely due to the acquisition of De Beers

20

1517

13 14

0.00

0.50

1.00

1.50

2.00

2.50

02468

101214161820

2009 2010 2011 2012 2013

Inju

ry fr

eque

ncy

rate

Fata

l inc

iden

ts

Fatal incidents LTIFR TRCFR

$95m cost saving

6

IRON ORE AND MANGANESESishen challenges offset by Kolomela, price and FX gains…

RESULTS• Kumba Iron Ore operating profit $3,047m, flat on 2012;

47% of Group total; attributable ROCE 100%• Manganese operating profit $210m; 3% of Group total;

attributable ROCE 24%

PERFORMANCE• Kumba Iron Ore production 42.4 Mt, down 2% Sishen volumes recover in Q4 after poor Q3

Focus on critical ore zones; waste movement; improvements; managing the basics

Strong operating performance at Kolomela continued; production capacity increased to 10 Mtpa

• Sishen unit costs up 35% due to production challengesand increased waste stripping

Resolution of key legal issues SIOC granted the mining right for the rail properties

at Sishen New supply agreement signed with ArcelorMittal S.A. Constitutional Court judgement on 21.4% Sishen

mining right

2014 FOCUS Design of operating reconfiguration and practices

progressing to plan….critical work for delivery of Sishenimprovement targets

7.68.6

6.4

8.4

Q1 Q2 Q3 Q4

Sishen quarterly production (Mt)

Sishen production and waste mining (Mt)

34

31

3536

37

0

100

200

300

2012 2013 2014 2015 2016

Waste

30

40W

aste Mt

Pro

duct

ion

Mt

7

49% 37%

51% 63%

2012 2013

2011 2012 2013

METALLURGICAL COAL Productivity improvements and cost reductions offset by lower coal price…

RESULTS• Operating profit of $46m, 89% decline; driven by

24% decline in hard coking coal price; 1% of Group total; attributable ROCE 1%

• Operating profit includes $72m insurance receipt offset by increased provisions

PERFORMANCE Production from high margin longwalls increased by

30%, 3 Mt, due to productivity improvements; production from lower margin open-pits reduced by 1.2 Mt due to reductions of low margin capacity and impact of Q1 floods

Export met coal production increased 6% to 18.7 Mt; hard coking coal increasing by 13%

Unit costs decline 8% to AUD87/t, reflecting new operations model and productivity improvements

2014 FOCUS Further capacity cuts being evaluated Grosvenor longwall expected on-line in 2016; capex

unchanged at $1.95bn

FOB cash cost reduction (AUD/t)(1)

-18%

10695 87

(1) Australia operations unit costs excluding royalties, Callide and study costs(2) Average cutting hours per week(3) Excluding production from Jellinbah, Callide and Peace River Coal

59

85

2012 2013

Moranbah cutting hours(2)

+45%

Higher margin mix(3)

Premium metallurgical

Other metallurgical

16.5 Mt15.5 Mt

8

-18%

$92/t

$77/t

$89/t

$73/t

-18%

THERMAL COAL SA quality, costs and prices impact profit…restructuring in progress…

RESULTS• Operating profit of $541m, a 32% decline; 8% of

Group total; attributable ROCE 23%• South Africa contributed $356m, down 26%• Colombia contributed $228m, down 36%

PERFORMANCE• Export production down 2% due to Q1 strike

at Cerrejón• Lower calorific(1) South African coal production

increased to 33% (2011: 6%; 2012: 24%)• Unit costs up 6% at South Africa export mines as cost

inflation offset productivity improvements Unit costs down 8% at Cerrejón(2)

2014 FOCUS Reconstruct operating model to address South

African cost inflation and quality decline –organisation restructure in progress – focus now on operations

Lower export thermal coal prices

20132012 20132012

Export thermalSouth Africa

Export thermalColombia

-16%

(1) Lower calorific <6,000 kcal/kg(2) FOB including royalties

9

0.75%

0.80%

0.85%

0.90%

2012 2013 2014 2015 2016

-5%

COPPERHigher production and lower unit costs offset price decline…

RESULTS• Operating profit of $1,739m, flat despite price

decrease; 26% of Group total; attributable ROCE 25%(1)

PERFORMANCE Production of 775 Kt, 17% increase

• Higher throughput and recoveries at Los Bronces

• Higher grades and recoveries at Collahuasi

2014 FOCUS Headwinds in 2014 - lower ore grades at

Collahuasi and Los Bronces; lower production at El Soldado due to the geological fault intersection

Solid start to 2014 supports increase in production guidance to 700-720 Kt (previously 690-710 Kt)

Ore grades at Los Bronces (% Cu)

2012 Collahuasi Los Bronces Other 2013

775

Copper production vs. 2012 (Kt)

66071

51 (7)

+17%

(1) Attributable ROCE of 24% when excluding tax liabilities relating to the 49.9% disposal of AA Sur

10

NICKELLower prices and Loma de Níquel closure impact performance…Barro Alto improving

RESULTS• Operating loss of $(44)m (2012: $26m including

a $57m insurance recovery); attributable ROCE (2)%

PERFORMANCE• Production of 34 Kt, down 12% largely due to

cessation of production at Loma de Níquel Barro Alto significantly improved operational

stability – production up 16% full year, driven by 44% improvement in last 4 months

• Realised nickel prices down 16%

2014 FOCUS First furnace rebuild at Barro Alto planned to

commence late 2014, second furnace rebuild late 2015 and ramp up to nominal capacity through 2016

Production guidance lowered in 2016 to 35-38 Kt (previously 40-45 Kt) due to phasing of the furnace rebuilds

Barro Alto total material smelted vs. nickel production

Barro Alto production reflecting furnace rebuilds (kt)

25 ~25

~15

~30

2013 2014 2015 2016

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

-

20

40

60

80

100

120

140

160

180

200

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Ni P

rodu

ced

(kt)

Ore

sm

elte

d (k

t)

TMS Ni Production Ni Avg (Jan-Aug) Ni Avg (Sep-Dec)

+44%

11

NIOBIUM AND PHOSPHATES Lower costs and FX gains offset by lower fertiliser prices…

RESULTS• Operating profit of $150m(1), 11% decrease; 2%

of Group total; attributable ROCE 24%• Niobium operating profit $89m,10%

increase, attributable ROCE 31%• Phosphates operating profit $79m, 13%

decrease, attributable ROCE 19%

PERFORMANCE Solid operating improvements across

operations:• Niobium production up 2% to 4,500 t • Fertiliser production up 6% to 1.2 Mt

Unit costs, for both, decreased by 6%

2014 FOCUS Boa Vista Fresh Rock project due on-line in

2014, increasing niobium production capacity by 44%

4,400 4,500 4,600

6,000

6,500

0

2,000

4,000

6,000

8,000

20162015201420132012

Niobium production growth

(1) Includes $(18)m related to projects and corporate costs allocation

Boa Vista Boa Vista Fresh Rock project

Nio

bium

pro

duct

ion

tonn

es

12

PLATINUM FX gains and higher production offset weaker prices and cost increases

RESULTS• Operating profit of $464m (2012: $(120)m loss);

7% of Group total; attributable ROCE 6%

PERFORMANCEPlatinum sales of 2.3 Moz, up 7%

• Unit costs increased by 4% to R17,053 (from R16,364)

Restructuring in progress and showing delivery

Rustenburg re-configured from 5 to 3 mines

5,100 employees left the business

2,300 redeployed to other mines (vacancies)

R1.9bn benefits delivered; 50% of total

59% increase in ore reserve estimates at Mogalakwena from 89.1 Moz (4E) to 141.6 Moz (4E)

2014 FOCUSUnit costs: forecast R18,000–R19,000 Pt eq ozProduction guidance increased to 2.3-2.4 Moz

(previously 2.2-2.4 Moz)We continue to evaluate all options

Mogalakwena – a significant resource

0

10

20

30

40

50

1,600 2,000 2,400 2,800 3,200 3,600

Union

Dishaba

Tumela

Siphumelele

Bathopele

Mototolo

UnkiKroondal

Modikwa

Mogalakwena

Average USD basket price

Aver

age

cont

ribut

ion

mar

gin

2013

%

Area represents total reserves 4E (troy ounces)(1)

(1) For JOs, represents Anglo American Platinum’s attributable interest. Khomanani mine not included as placed on care and maintenance

Thembelani

13

DIAMONDS Improved demand, cost and favourable FX drove performance…

RESULT Operating profit of $1,003m, 15% of Group total;

42% increase on 2012 on pro-forma basis; attributable ROCE 11%

PERFORMANCE Production 31.2 Mct; 12% higher, largely due to the

recovery at Jwaneng and stronger demand in Q4 Unit costs down 15% due to higher volumes and

favourable FX Realised price up 5%, driven by improved mix; price

index strengthened by 2% during 2013 Construction of Venetia underground project

under way Migration of global sorting and Sightholder sales

activity to Botswana completed

2014 FOCUS Strategy focused on productivity, costs and margins

to deliver attributable ROCE of 15% by 2016 Revised production outlook to 30-32 Mcts on solid

start to the year (previously 29-31 Mcts)

9.1

7.7

7.9

6.4

2012 2013

31.2

Q4

Q1

Q2

Q3

Production increase – largely due to Jwaneng recovery (Mct)(1)

27.9

(1) Production on 100% basis

Jwaneng - prepared for rain

FINANCIALSRENE MEDORI

15

FULL YEAR 2013 RESULTS

Underlying EPS ($/share)

33%

11%

(1) Throughout the document, FY 2012 restated for adoption of new accounting standards including: IFRIC 20 (stripping costs), IAS 19R (employee benefits) and IFRS11 (joint arrangements)(2) Includes restatement for IFRIC 20 and reclassification of deferred stripping from operating cash flows into capital expenditure(3) Excludes non-controlling interest share of capital employed and operating profit and De Beers fair value uplift on original 45% shareholding. See slides 13 and 14 for further detail around the

calculation of attributable ROCE

1.110.98

0.87

1.41

2.482.58

H2 2011H1 2011 H2 2013H1 2013H2 2012(1)H1 2012(1)

$bn 2013 2012(1) Change

Underlying EBITDA 9.5 8.9 7%

Underlying operating profit 6.6 6.3 6%

Effective tax rate 32.0% 29.0%

Underlying earnings 2.7 2.9 (7%)

Capital expenditure(2) 6.3 6.0 4%

Net debt 10.7 8.5 25%

Attributable ROCE(3) 11% 11% -

Key financials

16

FULL YEAR OPERATING PROFIT VARIANCES2013 vs. 2012 ($bn)

33%

11%

(1) Price variance calculated as increase/decrease in price multiplied by current period sales volume(2) Inflation variance calculated using CPI on prior period cash operating costs that have been impacted directly by inflation(3) Volume variance calculated as increase/decrease in sales volumes multiplied by prior period profit margin(4) Includes inventory movements(5) Includes stripping movements(6) De Beers is consolidated into the Group’s results from the acquisition of control on 16 August 2012. De Beers variance represents the structural variance of moving from equity accounting

(Jan – Aug 2012) to full consolidation (Jan – Aug 2013). Full variance methodology is applied for subsequent periods

Associates and JVs

(0.1)

De Beers(6)

0.4

Dep’n & Amor’n(5)

(0.3)

Cashcosts(4)

0.3

Volume(3)

0.75.7

Inflation(2)

(0.6)

2013Structural& other

6.6(0.1)

Exchange

1.3

Price(1)

(1.7)

(0.8)

(0.8)

2012

6.3 1.7

Bul

ksTr

aded

ZAR

17

Moving to shorter term contracts

$178/t(3) $140/t(3)

50

100

150

200

250

Jul 13Jan 13 Jan 14Jul 12Jan 12

PRICE VARIANCE – BULKS

2013 vs. 2012 ($m)

33%

Iron ore

Metallurgicalcoal

Thermalcoal

(150)

(418)

(131)

Iron ore sales(1) (Mt)

$122/t $125/t

39.7

20%

2012

24%

56% 60%

19%

2013

39.121%

QAMOM(6)

Index / spot

Quarterly benchmark(4) / monthly

Exportsalesvolume

Realised price

(1) Kumba Iron Ore(2) Excludes Jellinbah (an associate) (3) Realised price for metallurgical coal (hard coking coal and pulverised coal injection)(4) Quarterly benchmark is the mean of the previous 3 months’ prices(5) Contractually agreed quarterly benchmark price(6) QAMOM is a pricing mechanism based on average quarter in arrears minus one month

Iron ore price(CFR) ($/t)

Hard Coking Coal price (FOB Aus) ($/t)

Higher-margin mix

177

(44)

(241)

(827)

Phosphatesand non-core OMI

(719)

60

80

100

120

140

160

Jul 13 Jan 14Jan 13Jul 12Jan 12

91%

2013

9%

16.5

2012

15.5

80%

20%

Monthly Benchmark and Spot

Quarterly Benchmark (5)

Quarterly Benchmark Price(5)

Spot Price

Metallurgical coal sales(2) (Mt)

Spot Price

Quarterly Benchmark Price(4)

63%

100%100%

2013

51%

37%

2012

Other Metallurgical

Premium Metallurgical

49%

18

PRICE VARIANCE – BASE AND PRECIOUS

(615)

(272)

88

Copper

PGMs

(830)(10) (21)Nickel

Copper price and MtM(1) (cents/lb)

Platinum price

260280300320340360380400420

Jan 2012 Dec 2013Jun 2013Jan 2013Jun 2012

(1) Includes Mark-to-Market (MtM) and Final Liquidation adjustments(2) De Beers price variance represents the period from Sep – Dec 2013 vs. Sep – Dec 2012 and captures both changes in price and mix. All other periods are included

within the De Beers structural variance.

1,000

1,200

1,400

1,600

1,800

0

5,000

10,000

15,000

20,000

25,000

Jul 2013Jul 2012 Jan 2013Jan 2012 Jan 2014

Platinum Rand Pt. basket

2012 realised price: $1,532/ozBasket price: R19,764/oz

2013 realised price: $1,485/ozBasket price: R22,586/oz

$/oz Rand/oz

2012 realised price: 364c/lb 2013 realised price: 326c/lb

31 Dec 2011Provisional pricing: 345c/lbMtM: ($278m)

31 Dec 2012Provisionalpricing: 359c/lbMtM: +$47m

31 Dec 2013Provisionalpricing: 334c/lbMtM: $(92)m

2013 vs. 2012 ($m)

Niobium

De Beers(2)

19

0.8

0.9

1.0

1.1

Dec 2013Jun 2013Jan 2013Jun 2012Jan 2012

(14)%

6.0

7.0

8.0

9.0

10.0

11.0

12.0

Dec 2013Jun 2013Jan 2013Jun 2012Jan 2012

+24%

EXCHANGE VARIANCE

(1) Includes BRL, CLP, GBP and EUR

2013 vs. 2012 ($m)

33%

11%

Rand depreciated 24% against the USD in 2013

AUD depreciated 14% against the USD in 20131,348

242

110

ZAR

AUD

1,700

Other(1)

ZAR / USD

USD / AUD

2013 average: 0.972012 average: 1.04

2013 average: 9.652012 average: 8.21

20

(1) Total Business Unit variance (excludes Barro Alto, for which revenues and operating costs are capitalised as it has not reached commercial production)(2) Comprises Nickel (Loma and Codemin only), Niobium and Phosphates, De Beers and non-core OMI(3) Export metallurgical coal sales, excluding Jellinbah (an associate)(4) South Africa export thermal coal(5) Sishen and Kolomela export sales. Sales volume variance includes domestic volumes

SALES VOLUME VARIANCE(1)

Sales volumes: 2013 vs. 2012 (% change)

(40)

467

183

102

KumbaOther(2)

Copper

Platinum

Metallurgical CoalThermal Coal

713

(6)

7

Kumba Iron ore(5)

(1%)

Thermal Coal(4)

2%

MetallurgicalCoal(3)

6%

Platinum

7%

Copper

19%

2013 vs. 2012 ($m)

(40)

21

CASH COST MOVEMENTS

(5%)

2%

8%

2%

2013

(2%)

2012201120102009

Above CPI mining inflation driven largely by South Africa

Higher production and cost savings led to a 2% reduction in real cash costs, despite continued

above CPI mining inflation

NoteReal cash cost excludes depreciation, the impact of CPI/exchange and is after capitalisation of stripping; adjusted for the cost impact of the Moranbah drift collapse at Met Coal (2012), and the strikes at Platinum (2012) and KIO (2012 – 2013)

3%

2%

(3%)

1%

3%

(2%)

AustraliaSouth AfricaChile

20132012

Group: 1% (2012: 1%)Above CPI inflation – 1%

Impact of cost reduction/production increase – (3%)

22

CAPITAL EXPENDITURE

Capital expenditure ($bn) Expansionary capital expenditure ($bn)

6.0

2.3

0.8

3.0

2013

6.3

2.2

0.8

3.3

2012(1)

Stay-in-Business (SIB)(4)

Stripping & Development(3)

Expansionary(2)

2013 2012

Minas-Rio 1.9 1.4

Grosvenor 0.5 0.2

Platinum projects 0.2 0.4

Others(5) 0.7 1.0

Total 3.3 3.0

(1) Development capital expenditure post-commercial production reclassified from SIB to Stripping & Development; Stripping expenditure moved from Operating cashflow to Investing cashflow andincorporates impact of IFRIC 20

(2) Capital expenditure relating to pre-commercial production(3) Capital expenditure on waste movements post-commercial production, for both mine development and deferred stripping costs(4) Capital expenditure on physical Property, plant & equipment post commercial production(5) 2013 spend includes $0.2bn at Boa Vista Fresh Rock and $0.1bn from Venetia Underground. 2012 spend includes $0.2bn at Kolomela and $0.2bn at Los Bronces Development Project

23

LIQUIDITY HEADROOM AND DEBT PROFILE

Net Debt ($bn)

Opening net debt – 1 January 2013 (1) 8.5

Operating cash flow (7.7)

Capital expenditure 6.3

Cash tax paid 1.2

Net interest paid(2) 0.5

Dividends paid to non-controlling interests 1.2

2013 Final Dividend to AA shareholders 1.1

Tax on sale of non-controlling interests in Anglo American Sur 0.4

Disposals (0.3)

Other (0.5)

Closing net debt – 31 December 2013 10.7

Liquidity headroom ($bn)

Bond maturity profile ($bn)

1.31.1

1.6

2016

1.1

2014

1.7

0.1

2015

1.3

South Africa BondsEMTNsUS Bonds

7.7

9.3

2013

17.0

CashUndrawn facilities

(1) IFRS 11 implementation and retrospective application has resulted in a reduction of $0.1bn in opening net debt as at 1 January 2013 as net debt associated with the LLX joint venture isnow excluded from group net debt

(2) Net interest includes the impact of interest rate derivatives

24

SPECIAL ITEMS

$bn (post tax and NCI) Total 2013

Impairments Of which: (1.9)

• Barro Alto impairment (1) (0.5)

• Barro Alto furnace write-off (2) (0.2)

• Platinum portfolio review (2) (0.2)

• Michiquillay (2) (0.3)

• Foxleigh (1) (0.2)

Onerous contracts

Principally Callide coal supply agreement (0.3)

Restructuring Principally Platinum (0.2)

Loss on disposal / exit

Of which: (0.4)

• Amapá (2) (0.1)

• Pebble (2) (0.3)

(1) Not removed from capital employed for 15% ROCE target (see slide 14)(2) Removed from opening Capital Employed in 2012 for ROCE purposes (see slide 14)

PROJECT AND STRATEGY UPDATEMARK CUTIFANI

26

Pl

Mine Pre-stripping activities completedAll 23 pieces of mine equipment for 2014 already assembled

Beneficiation Plant

Tailings dam structure completed100% transmission line completed and energised(1)

• Wet Plant 32 days behind target schedule...holding• 84% overall progress(1)

Pipeline100% land access concluded501 km (~95%)(1) of pipe installed91% overall progress(1)

Port

Filtering plant structure delivered• 17 breakwater caissons installed (33 required for FOOS)(2)

Ownership to 50% finalised in January 2014• 83% overall progress(1)

MINAS-RIO PROGRESS ON TRACKGood progress through December and January – project is 84% complete

FOOS remains on target for end of 2014 …… but risks remain…(1) At the end of January 2014(2) 17th caisson installed 12 February 2014

Application to convert four Installation Licences (LI) to four Operating Licences (LO) – submitted

27

Start of pre-stripping

Mine access approved

1st off-road truck ready

Conclusion of pre-stripping (2M m3)

Cave 1 suppression

Closure of tailings dam

Start of tailings thickener assembly

230 kV TL land released

Start of front 1 pipe assembly

138kV TL assembled

LMG 790 & NES land access

obtained

Start of earthworks at the pending areas of

front 1

Start of caissons construction

525km slurry pipeline pathopening completion

Mine

Filtration

Port

Pipeline

Beneficiation

2014H1 H2

2013H1 H2

Caissons placement

FOO

S

Mine fleet operational

Piping & Elec. cabling

230kV TL powered

MINAS-RIO SCHEDULE UPDATE

milestones completed risks mitigatedconstruction & commissioning

Project schedule for FOOS remains end 2014 and capex unchanged at $8.8bn…

All 4 LO’s filed

1st Ball mill assembled

Fabrication shelter placed (17 caissons)

End of tailings dam construction

End of hydrostatic tests

1st Ore in primary crusher

Start of pipeline pumping

Start of commissioning with ore

milestones forecast

Remaining issues RiskMine and Beneficiation Plant Cable and pipework - manpower shortagesPort Caissons placement - 13 to place during Q2 and Q3 2014 (winter period)Issue of operating licences Application to convert four Installation Licences (LI) to four Operating Licences (LO)

28

2 5

3%9%

2%

68%

18%

1 2 3 54

6%0%

42%

11%

42%

Sishen

Capcoal

Cerrejón

Collahuasi

Los Bronces

MogalakwenaJwanengOrapa

Kolomela

Moranbah

CollahuasiJwanengOrapa

Los Bronces

Mogalakwena

Moranbah

Kolomela

Cerrejón

41

H1 2013

• Only 11% of operations had hit budgets in prior 8 quarters… , …not good enough

• The impact of 21% of operations… , … further drags on Group performance

• Only 2 of top 10 operations hitting budget…focus area of first wave of the Asset Reviews

4 5

1 2

H2 2013

• Improved to 53% of operations hitting budgets in last 4 quarters… , … shows encouraging improvement

• The impact of 3 operations… …under budget is within normal expectations. Group still leveraged to Sishen performance

• Improvement to 8 of top 10 operations delivering on budget demonstrates impact of technical input and management focus

4 5

1

1

2

3

4

Negative cash risk, not hitting plan >75% of time

Improvement uncertain, not hitting plan >75% of time, no recovery plan

Improving, not hitting plan >75% of time, but recovery plan being hit

On plan, hitting plan >75% of time

Ongoing business improvement (BI), hitting plan >75% of time, formal BI plan

Operational improvements emerging……as Asset Review focus shows early results

5

BUSINESS PERFORMANCE IMPROVEMENT EVIDENT

Sishen

Capcoal

3

29

FOCUS ON RETURNS – A KEY MEASURE OF PERFORMANCE

Further benefits to be identified

2016 TargetDriving Value

1.3

$0.6bn (in 2013)

Defined Plans

Identified Upside

Improvement plans (asset review) net of headwinds

1.2

Defined Plans

Identified Upside

Projects

0.9Minas-Rio,

BVFR, Barro Alto,

Cerrejon P40

2012(2)

3.3

(1) 9% is at flat 30 June 20113 spot prices; 11% achieved for FY2012(2) Attributable ROCE defined as operating profit attributable to AA plc shareholders divided by attributable average capital employed(3) ROCE and EBIT impact based on commodity prices and exchange rates at 30 June 2013 and including structural changes to portfolio

We are making good progress in identifying the steps to achieving our ambition…Ongoing LoM

strategy reviewsAttributable ROCE (%) / EBIT Impact ($bn) (2) (3)

>15%

9%(1)

…but we realise more is to be done to achieve our goal of exceeding a ROCE of 15% by 2016.

• Platinum restructuring• Reduction in study costs• Commercial benefits in

Platinum and Kumba

• KIO: Increased Kolomela tonnage• Met Coal: Improved longwall productivity • Copper: Throughput and recovery benefits

$0.2bn (in 2013)

30

PRODUCTION OUTLOOK

COMMODITY 2013 2014 2015 2016

Copper (1) 775 Kt 700-720 Kt 700-720 Kt 700-720 Kt

Nickel(2) 34 Kt 30-35 Kt 20-25 Kt 35-38 Kt

Iron ore (Kumba)(3) 42 Mt 44-46 Mt 45-47 Mt 46-48 Mt

Iron ore (Minas-Rio)(4) - Not material 11-14 Mt 24-26.5 Mt

Metallurgical Coal 19 Mt 18-20 Mt 19-21 Mt 20-23 Mt

Thermal Coal(5) 28 Mt 29-30 Mt 28-30 Mt 29-31 Mt

Platinum(6) 2.3 Moz 2.3-2.4 Moz 2.3-2.4 Moz 2.3-2.4 Moz

Diamonds 31 Mct 30-32 Mct - -

(1) Copper business unit(2) Nickel business unit (Barro Alto and Codemin)(3) Excluding Thabazimbi(4) Minas-Rio 2016 guidance is dependent on the 18-24 month ramp-up schedule(5) Export South Africa and Colombia(6) Equivalent refined production

31

(1) Achieved attributable ROCE is attributable ROCE as per definition on slide 14, at average achieved prices, rather than 30 June 2013 prices and exchange rates(2) Attributable ROCE of 24% in 2012 and 24% in 2013 when excluding tax liabilities relating to the 49.9% disposal of AA Sur(3) De Beers 2012 ROCE % is calculated based on eight months associate operating profit over the average carrying value of the associate investment and, on an attributable basis, four months

subsidiary operating profit over the average adjusted capital employed(4) De Beers pro-forma attributable returns are included in the calculation of Group ROCE

N&P 32%

N&P 24%

Copper 25%

Thermal Coal 23%

De Beers 11%

Platinum 6%

Met Coal 1%

IOB (1)%

Nickel (2)%

Thermal Coal 35%

Copper(5) 29%

Met Coal 9%

Nickel 1%

IOB (0)%

Platinum (2)%

Business Unit 2013 achieved attributable ROCE(1)

(%)

2012 achievedattributable ROCE(1)

(%)Kumba 100% 108%IOB (1)% (0)%Manganese 24% 11%Metallurgical Coal 1% 9%Thermal Coal 23% 35%Copper(2) 25% 29%Nickel (2)% 1%Niobium and Phosphates 24% 32%Platinum 6% (2)%Diamonds 11% 10%(3)

Total Group 11% 11%(4)

ATTRIBUTABLE ROCE.....THE PORTFOLIO FOCUS

32

CONCLUSION

Q4 recovery across a number of key operations; 2013 performance driven by increased contribution from Platinum and De Beers

Driving Value providing strong improvements but working into 2014 headwinds…Sishen waste removal and copper grades key

Sishen turnaround will gather momentum through 2014 and 2015 to reach 37 Mtpa in 2016

Minas-Rio progressing on all key fronts…we are continuing to manage the risks carefully

Platinum industrial action remains a key risk to short-term performance…

Mogalakwena expansion a significant opportunity

Mechanised underground operations will be a strategic foundation as we go forward

Efficiency improvements in processing - another avenue for value improvement

Improvement foundations being laid for 2015 and 2016…

Early operations delivery will help build momentum

Key risks are in focus

Unlocking potential for longer-term in key assets is emerging as significant opportunity

We know where we are and what we have to do…

…and we are building a team that can deliver on our potential.

APPENDIX

34

PORTFOLIO POSITION – ASSET PERFORMANCEStructured approach to asset driven portfolio strategy…

…where capital goes to quality…and laggards will be monetised.Source: Anglo American estimates (illustrative 2013 industry margin / cost curve by quarter), 2013 Operating profit per asset (excl. corporate costs & exploration)Note: Positioning of assets within the industry margin / cost curve quartile is for illustrative purposes only

Q4Q3Industry Margin / Cost Curve Quartile

Q2Q1

Assets

Copper

Diamonds

Iron Ore

Niobium/Phosphates

Coal

Manganese

Nickel

Platinum

Bubble size = 2013 operating profit:

<US$50mUS$50-100m

>US$100m

35

PORTFOLIO POSITION – ASSET PERFORMANCEStructured approach to asset driven portfolio strategy…

…majority of profits from low cost assets.Source: Anglo American estimates based on 2013 operating profit per asset (excl. corporate costs & exploration)Note: Positioning of assets within the industry margin / cost curve quartile is for illustrative purposes only

Industry Margin/Cost Curve Quartile

2

17

60

21

0

10

20

30

40

50

60

% of 2013 Total EBIT

Q1 Q3Q2 Q4

Smaller, higher cost assetsTarget asset position

81%

36

The attributable operating profit of $4,369 million (2013), is the underlying operating profit attributable to equity shareholders of Anglo American plc

Attributable ROCE Definitions:• Return on capital employed is a ratio that measures the efficiency and profitability of a company's capital investments. It displays how effectively assets are generating

profit for the size of invested capital• ROCE is calculated as underlying operating profit divided by capital employed• Adjusted ROCE calculation is underlying operating profit divided by adjusted capital employed. Adjusted capital employed is net assets excluding net debt and

financial asset investments, adjusted for remeasurements of a previously held equity interest as a result of business combination and impairments incurred in the current year and reported since 10 December 2013

• Attributable ROCE is the return on the adjusted capital employed attributable to equity shareholders of Anglo American, and therefore excludes the portion of underlying operating profit and capital employed attributable to non-controlling interests in operations where Anglo American has control but does not hold 100% of the equity. Joint ventures, joint operations and associates are included in their proportionate interest and in line with appropriate accounting treatment

Adjustments• Structural adjustments for the De Beers acquisition assuming ownership of 85% of De Beers for 1 January 2012 and disposals from Anglo American Sur assuming

ownership of 50.1% from the start of 2012 will be included;• The De Beers fair value uplift which resulted from the revaluing upward of Anglo American plc’s existing 45% share of De Beers will be removed from opening 2012

capital employed onwards;• 2013 impairments announced after 10 December 2013 not removed from capital employed; and• The impairments and disposals which will be removed from capital employed from 2012 onwards on a post tax basis are:

– Pebble loss on exit;– Michiquillay impairment;– Barro Alto furnace write-down consequent on the rebuild of both furnaces (not the impairment);– Khomanani, Khuseleka and Union North Declines, plus 2012 platinum project asset scrappings; and– Isibonelo and Kleinkopje impairments

In 2012, Anglo American took an impairment on Minas-Rio and asset scrappings in Platinum. These have been removed from 2012 opening capital employed balance, on a post tax basis for consistency

Attributable ROCE is based on realised prices and foreign exchange rates, and includes the above adjustments to capital employed

DEFINITION: ATTRIBUTABLE ROCE

37

IMPAIRMENT AND DISPOSAL ADJUSTMENTS Items added back for the purposes of calculating Attributable ROCE

2013 $m (post tax) Recognised in accounts Removed from opening Capital Employed in 2012

Not removed from capital employed for 15% ROCE

targetBarro Alto (Nickel) impairment 529 - 529Barro Alto (Nickel) furnace write-off 195 195 -Full impairment of assets Platinum portfolio review 273 272 -Impairment of Michiquillay (Copper) 337 337 -Impairment of PRC (Metallurgical Coal) 17 - 17Impairment of Foxleigh (Metallurgical Coal) 232 - 232Other impairment 98 - 98Impairment of Isibonelo and Kleinkopje 177 177 -Loss on disposal of Amapá 175 175 -Loss on exit from Pebble 311 311 -

2013 Adjustments 2,344 1,467 876

2012 $m (post tax) Recognised in accounts Removed from opening Capital Employed in 2012

Not removed from capital employed for 15% ROCE

targetMinas-Rio 4,000 4,000 -

Platinum 619 600 -

2012 Adjustments 4,619 4,600 -

Total Adjustments 6,963 6,067 876

38

RECONCILIATION OF TOTAL CAPITAL EMPLOYED TO AVERAGE ATTRIBUTABLE CAPITAL EMPLOYED

$bn 31 Dec 2013

31 Dec 2012

31 Dec 2011

Net assets 37 44 43Less: financial asset investments (2) (2) (3)Add: net debt 11 9 1Less: De Beers Fair value adjustment on 45% pre-existing stake(1) (1) (2) -Closing total capital employed 45 48 41Less: Impairments taken in 2012(2) - - (5)

Impairments taken in 2013 deducted in calculating Capital Employed(3) - (1) (1)Add: 2013 impairment added back(4) 1 - -

Structural assumptions – De Beers increase holding to a subsidiary(5) - - 8Closing adjusted total capital employed 46 46 43Less: Non-controlling interest capital employed (7) (7) (4)Structural assumptions – Remove non-controlling interest relating to De Beersconsolidation(5) - - (1)

Structural assumptions – Remove non-controlling interest relating to Anglo AmericanSur disposal(6) - - (1)

Closing attributable non-controlling interest adjustment (7) (7) (6)Closing attributable capital employed 39 40 37Average attributable capital employed 39 38 -

(1) Removal of the accounting fair value uplift adjustment on the Group’s existing 45% holding following acquisition of control(2) 2012 Impairments (post tax): Minas -Rio ($4.0bn) and Platinum operations impairment ($0.6bn)(3) 2013 Impairments and disposals (post tax) reducing CE: Barro Alto furnace ($0.2bn), Platinum portfolio review ($0.3bn), Michiquillay ($0.3bn), Isibonelo and Kleinkopje ($0.2bn), Loss on

disposal of Amapá ($0.2bn) and Pebble ($0.3bn)(4) 2013 Impairments not removed from capital employed: Barro Alto impairment ($0.5bn) and Foxleigh ($0.2bn)(5) De Beers has been consolidated into the Group’s results since its acquisition of control on 16 August 2012. An adjustment has been made to the 2012 Capital Employed total to increase to

100% of De Beers for the full year and the non-controlling interest of 15% stripped out within NCI capital employed, so that 2012 and 2013 ROCE figures are comparable(6) The disposal of 25.4% of Anglo American Sur in 2012. An adjustment has been made to the 2012 NCI Capital Employed to reduce the holding in Anglo American Sur to 50.1% for the full

year, so that 2012 and 2013 ROCE figures are comparable

39

ATTRIBUTABLE ROCE

Key BusinessUnits

2013 2012

Operating Profit ($bn)

Average Capital

Employed($bn)

ROCE (%)

Operating Profit ($bn)

Average Capital

Employed ($bn)

ROCE (%)

Iron Ore and Manganese 1.7 8.9 19% 1.6 7.6 21%

Metallurgical Coal 0.0 4.6 1% 0.4 4.6 9%Thermal Coal 0.5 2.3 23% 0.8 2.2 35%Copper (1) 1.1 4.6 25% 1.1 3.7 29%Nickel (0.0) 2.1 (2%) 0.0 2.2 1%Niobium and Phosphates 0.2 0.6 24% 0.2 0.5 32%

Platinum 0.4 6.1 6% (0.1) 6.6 (2%)Diamonds 0.9 8.1 11% 0.6(2) 8.4(2) 10%(2)

Total Group 4.4 39.4 11% 4.3 38.1 11%

(1) Attributable ROCE of 24% in 2012 and 24% in 2013 when excluding tax liabilities relating to the 49.9% disposal of AA Sur(2) De Beers operating profit and average capital employed is presented on a pro forma basis. 2012 ROCE % is calculated based on eight months associate operating profit over the average

carrying value of the associate investment and, on an attributable basis, four months subsidiary operating profit over the average adjusted capital employed

40

(1) Capital expenditure includes cash flows on related derivatives. This excludes capital expenditure of equity accounted associates and JVs(2) Disclosure includes stripping & development capital expenditure. Development capital expenditure reclassified from SIB to Stripping & Development; Stripping expenditure moved from

Operating cashflow to Investing cashflow and incorporates impact of IFRIC 20(3) Cash capital expenditure for Nickel of $76m offset by the capitalisation of $104m of net operating cash inflows generated by Barro Alto which has not yet reached commercial production

CAPITAL EXPENDITURE(1)

$m 2013 2012(2)

Iron Ore and Manganese 2,517 2,139

Metallurgical Coal 1,050 1,028

Thermal Coal 217 266

Copper 1,011 1,214

Nickel (28)(3) 100

Niobium and Phosphates 237 94

Platinum 608 822

Diamonds 551 161

Other Mining and Industrial 53 171

Exploration 1 6

Corporate Activities and Unallocated Costs 44 29

Total capital expenditure 6,261 6,030

41

EXPANSIONARY CAPEX

$m 2013 2012


Metallurgical Coal 540 290

Thermal Coal 27 67

Copper 311 360

Nickel (42) 88


Platinum 174 408

Diamonds 88 2

Other Mining and Industrial - 11

Exploration/Corporate - - -

Total Expansionary Capex 3,258 2,956

42

SIB CAPEX

$m 2013 2012

Iron Ore and Manganese 456 383



Copper 588 636

Nickel 14 12


Platinum 365 - 365

Diamonds 254 92

Other Mining and Industrial 53 153

Exploration/Corporate 45 36

Total SIB Capex 2,242 2,290

43

STRIPPING & DEVELOPMENT CAPEX

$m 2013 2012

Iron Ore and Manganese 83 65


Thermal Coal 26 37

Copper 112 218

Nickel - - -

Niobium and Phosphates - 4

Platinum 69 49

Diamonds 209 67

Other Mining and Industrial - 7

Exploration/Corporate - - -

Total Stripping & Development Capex 761 784

44

ANALYSIS OF UNDERLYING OPERATING PROFIT

$m 2013 2012




Copper 1,739 1,736

Nickel (44) 26


Platinum 464 (120)

Diamonds 1,003 474

Other Mining and Industrial (13) 168

Exploration (207) (206)

Corporate Activities and Unallocated Costs (178) (203)

Total underlying operating profit 6,620 6,253

45

ANALYSIS OF UNDERLYING EARNINGS

$m 2013 2012Iron Ore and Manganese 1,125 1,046



Copper 803 941

Nickel (54) 10


Platinum 287 (225)

Diamonds 532 289

Other Mining and Industrial (2) 121

Exploration (190) (195)

Corporate Activities and Unallocated Costs (377) (32)

Total underlying earnings 2,673 2,860

46

AVERAGE MARKET PRICES

2013 2012

Iron ore (FOB Australia) - $/t 127 122

Thermal coal (FOB South Africa) - $/t 80 93

Thermal coal (FOB Australia) - $/t 84 94

Hard Coking Coal (FOB Australia average quarterly benchmark) - $/t 159 210

Copper (LME) - cents/lb 332 361

Nickel (LME) - cents/lb 680 794

Platinum - $/oz 1,485 1,555

Platinum basket (realised) - ZAR/oz 22,586 19,764

Palladium - $/oz 725 647

Rhodium - $/oz 1,066 1,275

47

(1) Reflects change on actual results for the year ended 31 December 2013(2) Includes nickel from both the Nickel and Platinum Business Units

UNDERLYING EARNINGS SENSITIVITIES(1)

Commodity / currency Change in price / exchange rates $mIron ore + $10/t 144Metallurgical coal (Hard Coking Coal) + $10/t 74Thermal coal (API 4) + $10/t 193Copper + 10cents/lb 105Nickel(2) + 10cents/lb 4Platinum + $100/oz 106Rhodium + $100/oz 13Palladium + $10/oz 7ZAR / USD + 0.10/USD 39AUD / USD + 0.10/USD 121CLP / USD + 10/USD 9Oil + $10/bbl 50

48

REGIONAL ANALYSIS – UNDERLYING OPERATING PROFIT

$m 2013 2012

South Africa 4,189 3,374

Other Africa 532 437

Brazil 75 200

Chile 1,849 1,913

Other South America 185 304

North America (129) (138)

Australia and Asia 238 465

Europe (319) (302)

Total underlying operating profit 6,620 6,253

49

(1) Based on outstanding bond and drawn external debt balances (excluding other financial liabilities) as at 31 December 2013

DEBT MATURITY PROFILE AT 31 DECEMBER 2013

Debt repayments(1) ($bn) at 31 December 2013

Euro Bonds US$ Bonds A$ Bonds Other Bonds Corporatebank debt

BNDES Financing

Other subs. bank debt De Beers

% of portfolio 53% 25% 3% 2% 1% 11% 3% 2%

Capital Markets 83% Bank 17%

2.1 2.01.5

2.9 2.7

2.1

1.51.1

1.8

2014 2015 2016 2017 2018 2019 2020 2021 2022+

US Bonds Euro Bonds A$ Bond Other Bonds Corporate bank debt BNDES financing Subsidiary financing other De Beers

Investor Relations

Preliminary Results Year Ended 31 December 2013